On Tuesday NQ opened with a huge gap-down then trend down seven waves on the 5-minute chart time-frame before the decline stopped, then spent the rest of the day trading sideways. If the sideways consolidation has ended, NQ should trend back down again on Wednesday.
Key price level to watch for on Wednesday will be Tuesday swing low. Trading below Tuesday low, 14,740, is going to run over more trailing stop-losses, the next support is 14,400.
If NQ can stay above Tuesday low, it may either trade sideways or rally as the short may decide to cover.
